Is Co op The Best Life Insurance Policy?

This is the ultimate review to guide you through the ins and outs of Co op life insurance. You might already know that Co op has several different contract options.

Some are great. Some are less useful. Some are simply too expensive.

So, if you want to get better value for money from your insurance contract, as well as indicative quotes and tips to lower your insurance premium, then you’ll probably love the following article.

Let’s dive right in!

Is Co op the best life insurance for you?

When taking out life insurance, there are so many things to think about. Life insurance is one of the most important insurance plans to have, as it is the best way to protect your loved ones if something happens to you.

Co op life insurance has a lot to offer. Here are the main points that you should look at before taking out life insurance with Co op.

4 Safe overall rating for Co op

Rating Criteria	Safe Rating	Our Review
Customer service satisfaction, claims and support		Detailed information is provided on the website Policy documents are readily available on the website Chat bot options are available on the website 1.6/5 rating on TrustPilot 2 star rating on Defaqto
Coverage options		Co-op offers a special Over 50s cover There is also a funeral plan option that can be chosen With Co-op you can pick between level, decreasing cover or monthly income cover The Serious Illness Cover only provides cover for up to 6 critical medical conditions
Value for money		Cover options can be gotten for as low as £7 per month Cover of £500,000 is offered for both the life term and decreasing cover The over 50's insurance can be gotten for as low as £3.95 per month £50 Co-op Food vouchers are given when a new life cover policy is bought £100 Co-op Food vouchers are given when a new over 50s cover policy is bought
Financial strength		Co-op's life insurance policy is underwritten by Royal London which is the UK's largest mutual life and pensions company offering a range of life insurance policies.
Apps and technologies		Quotations can be gotten online Policy documents can be easily accessed User friendly website Claims cannot be taken out online No use of technological advancements like mobile app

Expert and customer satisfaction reviews for Co op

Review organisation	Consumer satisfaction rates for Co op Life insurance
Trustpilot	1,6/5 based on 59 reviews
Defaqto	2

Co op insurance in a nutshell

In summary, here are the main features you need to know when taking out life insurance with Co op.

Criteria	Co op details
Minimum age	18 years
Maximum age	70 years
Pay-out	Up to £500,000
Life insurance with free gifts	£50 Co-op Food vouchers are given when a new life cover policy is bought
Extras	No
Terminal illness	Yes

What are Co op life insurance policy types?

When choosing life insurance, you have to make a lot of important decisions. You have to choose between different policy types to find which one would best cover your needs. As the first big choice, you have to choose between:

• Term life insurance. Term insurance splits into two types: level term or decreasing insurance. If you choose a term insurance, once again you would have to choose between these two. Sometimes, there is an increasing term insurance option.
• Whole of life insurance. This insurance will pay out when the policyholders die. Not all insurers offer this type of coverage.

What is Co op term life insurance?

There are two term life insurance options:

• Level cover guarantees that your loved ones get a payment if you die during a specific period of time. You will receive the same amount during a fixed period. Life insurance can be for 5,10, 20 years, etc., depending on your needs.
• Decreasing cover guarantees that your loved ones get a payment if you die during a specific period of time. The amount decreases over the policy term. It is really useful if you have a loan, as the price tends to decline over time. You can choose an increasing cover as well.

Criteria	Co op life insurance
Minimum term	5 years
Maximum term	50 years
Pay-out	Up to £500,000
Minimum monthly premium	£7
Extras or any interesting facts	Not Available

Should you take level or decreasing term life insurance?

Co op offers two types of term life insurance: one is level life insurance, the other one is decreasing life insurance.

Criteria	Provider Details
Co op term life insurance (level)	Co-op provides life insurance for people between 18 and 70 years old Cover is available for as little as £7 a month Up to £500,000 is provided as cover Free terminal illness cover is provided -There is an option to include the Critical Illness cover to an already existing insurance policy £2,500 worth of Monthly Income Benefit
Co op decreasing term life insurance, also known as life insurance for mortgage	The Decreasing cover that Co-op offers provides the following: Fixed monthly payments Free Terminal Illness Cover The decreasing cover is designed to reduce every month in line with a capital and interest repayment mortgage that has a fixed interest rate of 7%

Some providers also propose increasing life insurance, which is a similar concept as decreasing life insurance, but with the premiums getting higher rather than lower.

Co-op does not offer Increasing cover

Should you take Co-op whole life insurance?

The Whole of life insurance also known as the over 50 insurance policy that Co-op offers is provided by Royal London. With this Over 50 Plan cover, a fixed sum between £3.95 and £100 is paid by the policyholder every month and in the case that he/she dies, a lump sum ( which will be determined by the amount paid) will be given to the family members.

What are Co op life insurance extras?

You can add these extras at additional cost to your Co op life insurance:

Details	Reviews
Monthly Income Benefit	With this cover, a £2,500 of monthly income is given to the family of the policyholder for the rest of the policy duration.
Terminal Illness benefit	Cover is provided in the case that a policyholder dies as a result of a terminal illness i.e an illness that has no known cure or one that is expected to result in the death of the policyholder in a 12 months duration.
Payment holidays	After 1 year of policy, you can take two breaks of up to six months over the life of the policy
Coop Funeral plan	Their funeral plan are well rated, and there are four level of protection.

How much is Co op life insurance?

The big question is knowing how much life insurance you’ll need. Your answer to this question (as well as your age) will mainly determine the price of your life insurance:

However, your life insurance price will also depend on several factors:

• Your medical conditions
• Whether or not you are a smoker
• Which add-ons you add to your life insurance
• Your salary
• The coverage you want
• Whether you take out a joint policy or not

So you must ask yourself the relevant questions for your own situation, for example: Do you have a loan? Do you have savings? Do you have debts? Do you have a family? Does your job offer protection?

How to contact Co op life insurance?

Here are all the important phone numbers for contacting Co op life insurance:

Service	Phone Numbers	Opening Hours
Get a quote at Co op	0800 678 3928	- Mon to Fri: 8am-7pm - Sat: 9am-5pm - Sun: 10am-4pm
How to claim at Co op	03457 46 46 46	- Monday to Friday 9am - 6pm - Saturday 9am - 4pm - Sunday 10am - 2pm
How to cancel at Co op	0345 268 6081	Not available

What are Co op general contact details?

You will find in this table all the general contacts that you would need if you want to reach Co op life insurance:

	General contacts
Mailing address	1 Angel Square Manchester M60 0AG
Social media	Facebook, Twitter, LinkedIn
Chatbot	No

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How to claim at Co op life insurance?

You will find on this table the different possibilities for reporting a claim on your Co op life insurance:

	How to claim on your life insurance at Co op?
When to claim?	Claims should be made as soon as possible.
Claim by mail	Customer Services, PO Box 445, Royal London House, Alderley Road, Wilmslow, SK9 0GB
Claim by email	Not Available
Claim online	Not Available
Claim by phone	0345 268 6082

Here are all the important Co op life insurance contact number!

How to cancel my Co op life insurance?

You will find on this table the different ways to cancel your Co op life insurance:

	How to cancel your life insurance at Co op
Fees	If the insurance policy is cancelled within 30 days, the premium paid would be refunded fully If the insurance policy is cancelled after 30 days, no refunds would be made
Cancel by mail	Customer Services, PO Box 445, Royal London House, Alderley Road, Wilmslow, SK9 0GB
Cancel by email	Not Available
Cancel online	Not Available
Cancel by phone	0345 268 6081

How do I get Co op life insurance quotes?

Here are the different ways to get a life insurance quote at Co op:

	How to get a life insurance quote at Co op
Quote online	On the Homepage, click on the Life button Click on the "Get a Quote" option
Quote phone	0800 678 3928

How do I log into Co op life insurance?

Not Available

Do we recommend Co op life insurance?

The Co-operative Group is a British consumer co-operative that was founded in 1844 and now has over 70,000 employees and its life insurance policies are underwritten by The Royal London Group. Co-op offers three main types of life insurance, including Level Cover term insurance and Decreasing Cover term insurance, as well as Monthly Income Benefit cover. Serious Illness Cover is offered as an optional extra, which covers against illnesses such as cancer, heart attack or stroke. They however have poor ratings on both Defaqto and TrustPilot but as their services are underwritten by Royal London which is one of the biggest insurers in the UK, their financial capabilities can be guaranteed. Their services are recommended.